THE African Development Bank (AfDB) has expressed interest to release 101 million US dollars (about 244bn/-) to fund the implementation of the Building Better Tomorrow–Youth Initiative for Agribusiness (BBT-YIA) and block farming projects in the country.
Minister for Agriculture, Hussein Bashe, revealed this after his meeting with President Dr Samia Suluhu Hassan, Finance and Planning Minister Dr Mwigulu Nchemba and the AfDB Group Vice-President for Agriculture, Human and Social Development, Dr Beth Dunford at the Chamwino State House in Dodoma.
After their meeting, Mr Bashe said the AfDB has promised to invest 101m/- US dollars for the BBT and block farming projects, which aim to help women and empower youths in the country.
The BBT-YIA aims to enhance the engagement of youths in the agricultural sector for sustainable and improved livelihoods.
It intends to inspire youths through implementing behaviour/attitude changing communication strategy, empower youths through training, mentoring and coaching.
It also focuses on engaging youths in profitable and sustainable management of agribusinesses and as well enable youth-led enterprises by improving business environment.
“I take this chance to thank President Samia Suluhu Hassan for chairing the meeting we had with the AfDB and Ministry of Finance and planning, I thank the AfDB for agreeing to give us 101m US dollars (Ministry of Agriculture) in implementing the BBT and block farming projects in the financial year 2023/24,” said Mr Bashe.
Without going into detail, he also thanked the AfDB for the project of building Multiple Commodity Centre Dar es Salaam for facilitating exportation.
Equally, he commended the bank for building the Multiple Commodity Centre in Dar es Salaam for the exportation and others for the Southern highlands regions of Mbeya, Njombe and Iringa worth 135 million US dollars for horticulture crops, including avocado starting from 2024/25 fiscal year.
Mr Bashe added that, “the two projects are big steps in the agriculture industry in the country.”
In the meeting on Tuesday, Dr Mwigulu also noted that the AfDB expressed its intention to cooperate with the government in increasing capital to Tanzania Agricultural Development Bank Limited (TADB), which is the catalyst for the implementation of irrigation agriculture projects and to add value.
He noted that the AfDB has so far provided an estimated 2.6 billion US dollars for the implementation of 24 projects. Four per cent of these funds have gone to the agricultural sector.
“The funds have been used in production activities including promoting the cultivation of crops such as wheat, sunflower to increase income for the farmer,” he noted.
For her part, Dr Dunford congratulated the government for its efforts to uplift the development and promised that the AfDB will continue to cooperate with Tanzania in making the projects in agriculture, livestock and fisheries sector become successful.
